Hybrid used car prices rise as dealers compete for used stock
Prices for hybrid used car prices have risen again at Autorola – up by 18.7% in Q2 – as dealers compete for used stock.
The rise equates to an extra (£2,779), taking average hybrid prices from £14,812 to £17,591. That was despite hybrids being the oldest of any fuel type in Q2, according to Autorola, with an average age and mileage of 36 months and 21,385 miles.
Hybrid volumes have doubled since Q1 2020 and they accounted for 5.3% of the used cars sold online at Autorola in Q2 2021. This compares to a 55.6% share for petrol cars and 38.5% for diesels. However, the figures do include mild hybrids as well as ‘self-charging’ hybrids and plug-in hybrids.
Jon Mitchell, Autorola UK’s group sales director, said hybrids were proving particularly “hot property” as dealers aim to keep used car revenues healthy while the semiconductor issue affects new car production. However, strong demand is being seen across all used car segments.
“We generally have 10,000 used cars on our MarketPlace online portal, and this has fallen by two-thirds to nearer 3,500 such has been the high demand from dealers searching for stock. We are constantly signing up new dealers looking to buy replacement used stock,” explained Mitchell.
“Our online ex-lease and rental auctions have reported 100% conversion rates since the beginning of the year. We could sell double the volume of cars we are currently offering through our weekly online auctions.”